Steve Webb, the Pensions Minister, has referred to IFAs as being the equivalent of “fine wine”.
In context he described the proposed plan for “guidance guarantee” as being the equivalent of a wine tasting and that once at retirement customers had experienced guidance they would want to go on to explore the advice offering of the IFA.
Now there is “fine wine” and “fine, it’s wine” (but not as we know it Jim!) and it is worth considering what is on offer from the IFA community.
Concord = (some of you may remember this from the 1980’s) not really wine at all but a Champagne Perry, fizzy and pretty awful. Not really an IFA more a tied agent wants to flog you a product regardless of whether you need it or not.
Beaujolais Nouveau = young, enthusiastic, not much experience and minimum level qualifications but still might do a good job if your circumstances are pretty straightforward. Cheap and cheerful.
Chateaux Neuf du Pape = bit more body in this one, probably middle aged, been around the block a few times but travels quite well, and can use his undoubted experience to get you to the right retirement place. Good value supermarket priced.
Chateaux Petrus = great quality and great value. Full bodied adviser with a great bouquet can really help you with all the complexity of your retirement planning and all aspects of your financial planning needs.
If Informed Choice was fine wine we would definitely be the latter wine; a great example of a Pomerol.
